As a Promoter, Govt Concerned about J&K Bank: FinMin Drabu

Riyaz Ul Khaliq

SRINAGAR

J&K Bank was around every time Baglihar needed funds.
J&K Bank headquarters in Srinagar.

Being promoter of state’s only listed company, State Government is concerned about Jammu and Kashmir Bank, this was stated by Finance Minister, Dr Haseeb A Drabu on Monday.

Speaking to media on the side lines of a press conference he addressed after presenting second budget, Dr Drabu said, “as promoters of J&K Bank, we are concerned.”

He was responding to questions over Non Performing Assets (NPA) of the J&K Bank. “There is concern… It will be communicated to the board.”

“I believe in corporate governance,” he said, “so there is a set up in J&K Bank. There is a proper Board of Directors (BoD) which is answerable.”

Under Companies Act, the FinMin said, they are liable. “We don’t want to encroach (its – BoD – space); that is how institutions die,” he asserted.

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